Action Machining Company Purchased a Robot-Controlled Lathe for $180,000 and Financed

Multiple Choice

Action Machining Company purchased a robot-controlled lathe for $180,000 and financed the full amount at 12% annual simple interest for 3 years. The simple interest on the loan is $64,800. Find the monthly payment. Round your answer to the nearest cent.

A) $3200.00
B) $5000.00
C) $1800.00
D) $6800.00
E) $5440.00